Security code

S-25 CS Ogawara-machi Power Plant

Asset Manager
Canadian Solar Asset management K.K.

9th FP (ended December 2021)

Presentation Materials
Canadian Solar Infrastructure Fund, Inc.

Table of Contents
1. Financial Highlights ・・・・・・・・・ 2
Financial Highlights of 9th FP ・・・・・・・・・・・・・・

3

Portfolio Performance ・・・・・・・・・・・・・・・・・

4

Asset List (1) ・・・・・・・・・・・・・・・・・・・・・

8

Asset List (2) ・・・・・・・・・・・・・・・・・・・・・

10

2. Major Topics ・・・・・・・・・・・・・ 12

3. Management Policy・・・・・・・・・・ 27
10th, 11th & 12th FP Business Forecast ・・・・・・・・
Historical and Forecasted Dividend・・・・・・・・・・・・
External Growth Strategy（Sponsor Pipeline） ・・・・・・
Sponsor Pipeline Map ・・・・・・・・・・・・・・・・・・
Acquisition of assets from third-parties・・・・・・・・・・

Appendix ・・・・・・・・・・・・・・・ 33

AUM Snapshot ・・・・・・・・・・・・・・・・・・・・・ 13

Overview of Canadian Solar Group

Portfolio Diversification ・・・・・・・・・・・・・・・・・ 14

Canadian Solar Group’s Vertically-integrated Business
Model ・・・・・・・・・・・・・・・・・・・・・・・・・
Organizational Structure ・・・・・・・・・・・・・・・・
ESG Initiatives: Environment ・・・・・・・・・・・・・・
ESG Initiatives: Social・・・・・・・・・・・・・・・・・・
ESG Initiatives: Governance ・・・・・・・・・・・・・・・
Status of Unitholders ・・・・・・・・・・・・・・・・・・
Balance Sheet for 9th FP・・・・・・・・・・・・・・・・・
Statement of Income for 9th FP ・・・・・・・・・・・・・
Portfolio Assets ・・・・・・・・・・・・・・・・・・・・・
Leasing Structure based on Basic and Valuable Rent ・・・
Stable and Balanced Cash Flow Distribution Policy
Supported by FIT System ・・・・・・・・・・・・・・・・
Characteristics of PV Plant Revenue ・・・・・・・・・・・
History of CSIF ・・・・・・・・・・・・・・・・・・・・・
Disclaimer ・・・・・・・・・・・・・・・・・・・・・・・

Unit Price Performance ・・・・・・・・・・・・・・・・・ 15
Debt Profile (1) ・・・・・・・・・・・・・・・・・・・・

16

Debt Profile (2) ・・・・・・・・・・・・・・・・・・・・

17

Bank Formation ・・・・・・・・・・・・・・・・・・・・

18

Impact of Curtailment by Kyushu ElectricPower ・・・・・・・・・・・・・・・・・・・・・・・・・ 19
Onlinization Related to Curtailment ・・・・・・・・・・・

20

ESG Initiatives (UN PRI / Wholesale Electricity
Supply) ・・・・・・・・・・・・・・・・・・・・・・・・ 21
ESG Initiatives (TCFD) ・・・・・・・・・・・・・・・・・

22

ESG Initiatives (Green Finance) ・・・・・・・・・・・・・ 23
Outlook on Japan’s Renewable Energy Mix・・・・・・・・ 24
Main Points of the Revised Renewable Energy Act ・・・・ 25
Discussions on Power Producer-Side Wheeling Charge・・ 26

28
29
30
31
32

・・・・・・・・・・・ 34
35
36
37
38
39
40
41
42
43
45
46
47
48
49

1

1. Financial Highlights

2

Financial highlights of 9 th FP◼
◼

◼

Operating revenues fell short of the forecast given that actual energy output of the portfolio did not meet forecasted
levels due to the nationwide decrease in sunshine hours caused by typhoons and autumn rain in Aug and Sep 2021.
Income before income taxes fell below the forecast though it was not as adversely impacted as operating income
attribute to gains in non-operating incomes and expenses from the record of insurance proceeds and loss onretirement of fixed assets and operating expenses from an increase in indemnity insurance fees and a decrease inconstruction expenses.
As a result, net income fell short of the initial forecast as consequently, DPU (excl. distributions in excess ofearnings) decreased by JPY 320 compared to the initial forecast. However, DPU in excess of earnings was increasedby the same amount, hence, JPY 3,750 of distribution in total remains unchanged
8th FP
Actual

9th FP (ended Dec. 2021)
Forecast@Aug.13,2021

ActualIncrease /(Decrease)(vs Forecast)Statement of Income Data
(million yen)
Operating revenues

3,425

3,740

3,587

▲153

Operating income

1,459

1,471

1,344

▲126

Income before income taxes

1,074

1,246

1,123

▲123

Net income

1,073

1,245

1,122

▲123

Distribution per unit (including
distributions in excess of earnings) (yen)

3,700

3,750

3,750

0

Distributions per unit (excluding
distributions in excess of earnings) (yen)

2,776

3,222

2,902

▲320

924

528

848

320

Distributions in excess of earnings
per unit (yen)Main difference (vs. forecast)
Operatingrevenues

Decrease invariable rent

Operatingexpenses

Decrease inconstruction costs,
etc.
Increase in
Insurance premium

16▲7

NonInsurance proceeds
operating
Loss on retirement
incomes andof fixed assets
expenses

8
▲11

▲153

3

Portfolio Performance◼ Actual energy output of the portfolio did not meet forecasted levels due to the low irradiation
caused by the typhoons, etc. in August and September 2021.
◼ 9 th FP actual energy output ÷ projected energy output = 95.87% （Full year of 2021：98.57%)◼ Total energy output
Projected(MWh)25,00020,000

Actual79.1%

105.4%

21,02019,945

86.2%

21,895
17,31918,315

15,787100.2%

17,561103.1%

17,58913,96915,000110.7%

14,396

12,073

13,367

10,000
5,000
0

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

◼ Energy output by projectS-01 CS Shibushi-shi
Power Plant

(MWh)
150

(MWh)
150

100

100

50

50

0
S-03 CS Kasama-shi
Power Plant

S-02 CS Isa-shi
Power Plant

0

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

(MWh)

S-04 CS Isa-shi Dai-niPower Plant

300

100

100
Aug.

Sep.

Oct.

Nov.

Dec.

Sep.

Oct.

Nov.

Dec.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

300
200

Jul.

Aug.

(MWh)

200

0

Jul.

0

4

Portfolio Performance
S-05 CS Yusui-cho
Power Plant

300

200

200

100

100
Jul.

Aug.

Sep.

Oct.

Nov.

0

Dec.

(MWh)

S-08 CS Hiji-machi
Power Plant

300

100

200

Sep.

Oct.

Nov.

Dec.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

100
Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

0
(MWh)
S-10 CS Minami
Shimabara-shi
Power Plant (East & West) 600

(MWh)
300

400

200

200

100

S-11 CS Minano-machi
Power Plant

Aug.

400

300

0

Jul.

(MWh)

200

0

S-09 CS Ashikita-machi
Power Plant

(MWh)

300

0

S-07 CS Kasama-shi
Dai-ni Power Plant

S-06 CS Isa-shi Dai-sanPower Plant

(MWh)

0
Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

(MWh)

S-12 CS Kannami-cho
Power Plant

300

(MWh)
200

150
200

100

100
0

50
0
Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

5

Portfolio Performance
S-13 CS Mashiki-machi
Power Plant(MWh)

S-14 CS Koriyama-shi
Power Plant

6,000

(MWh)
100
75

4,000

50

2,000
0
S-15 CS Tsuyama-shi
Power Plant

25
0

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

(MWh)

S-16 CS Ena-shi
Power Plant

300

100

100

S-17 CS Daisen-choPower Plant (A&B)

Aug.

Sep.

Oct.

Nov.

Dec.

(MWh)

0

3,000

150

2,000

100

1,000

S-19 CS Misato-machi
Power Plant

Nov.

Dec.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

50
Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

0
S-20 CS Marumori-machi
Power Plant (MWh)

(MWh)
150

300

100

200

50
0

Oct.

S-18 CS Takayama-shi
Power Plant (MWh)

4,000

0

Sep.

300
200

Jul.

Aug.

(MWh)

200

0

Jul.

100
Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

0

6

Portfolio Performance
S-21 CS Izu-shi
Power Plant

S-22 CS Ishikari
Shinshinotsu-muraPower Plant

(MWh)

400

1,000

300
200

500
0
S-23 CS Osaki-shi
Kejonuma Power Plant

100
Jul.

Aug.

Sep.

Oct.

Nov.

0

Dec.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Aug.

Sep.

Oct.

Nov.

Dec.

S-24 CS Hiji-machi Dai-ni (MWh)(MWh)

Power Plant

150

7,500

100

5,000

50

2,500

0
S-25 CS Ogawara-machi
Power Plant

(MWh)

1,500

0
Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jul.

(MWh)
1,000
800
600
400
200
0

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

7

Asset List (1) – Power Plant Data, Valuation and etc.
No.

Project nameLocation

FIT
Price
(yen)

Acquisition
Date

FIT Expiration

Land Rights

AcquisitionPrice(million yen)

Valuation
Price
Portfolio(million%yen)(Note)

Panel
Output(kW)

S-01

CS Shibushi-shi Power Plant

Shibushi-shi, Kagoshima

40

Oct. 31, 2017

Sep. 16, 2034

Ownership

540

492

0.64

1,224.00

S-02

CS Isa-shi Power Plant

Isa-shi, Kagoshima

40

Oct. 31, 2017

Jun. 8, 2035

Lease-hold

372

329

0.43

931.77

S-03

CS Kasama-shi Power Plant

Kasama-shi, Ibaraki

40

Oct. 31, 2017

Jun. 25, 2035

Ownership/Easement

907

922

1.20

2,127.84

S-04

CS Isa-shi Dai-ni Power Plant

Isa-shi, Kagoshima

36

Oct. 31, 2017

Jun. 28, 2035

Lease-hold

778

682

0.88

2,013.99

S-05

CS Yusui-cho Power Plant

Aira-gun, Kagoshima

36

Oct. 31, 2017

Aug. 20, 2035

Lease-hold

670

589

0.76

1,749.30

S-06

CS Isa-shi Dai-san Power Plant

Isa-shi, Kagoshima

40

Oct. 31, 2017

Sep. 15, 2035

Lease-hold

949

843

1.09

2,225.08

S-07

CS Kasama-shi Dai-ni Power Plant

Kasama-shi, Ibaraki

40

Oct. 31, 2017

Sep. 23, 2035

Lease-hold

850

802

1.04

2,103.75

S-08

CS Hiji-machi Power Plant

Hayami-gun, Oita

36

Oct. 31, 2017

Oct. 12, 2035

Lease-hold

1,029

910

1.18

2,574.99

S-09

CS Ashikita-machi Power Plant

Ashikita-gun, Kumamoto

40

Oct. 31, 2017

Dec. 10, 2035

Lease-hold

989

885

1.15

2,347.80

S-10

CS Minamishimabara-shi Power Plant Shimabara-shi, Nagasaki(East & West)40

Oct. 31, 2017

Dec. 24, 2035 (E)Jan. 28, 2036 (W)Lease-hold

1,733

1,597

2.07

3,928.86

S-11

CS Minano-machi Power Plant

Chichibu-gun, Saitama

32

Oct. 31, 2017

Dec. 6, 2036

Ownership

1,018

1,019

1.32

2,448.60

S-12

CS Kannami-cho Power Plant

Tagata-gun, Shizuoka

36

Oct. 31, 2017

Mar. 2, 2037

Surface rights

514

502

0.65

1,336.32

S-13

CS Mashiki-machi Power Plant

Kamimashiki-gun,
Kumamoto

36

Oct. 31, 2017

Jun. 1, 2037

Ownership/Easement

19,751

19,52425.30

47,692.62

S-14

CS Koriyama-shi Power Plant

Koriyama-shi, Fukushima

32

Feb. 1, 2018

Sep. 15, 2036

Ownership/Easement

246

228

0.30

636.00S-15

CS Tsuyama-shi Power Plant

Tsuyama-shi, Okayama

32

Feb. 1, 2018

Jun. 29, 2037

Ownership

746

695

0.90

1,930.50

S-16

CS Ena-shi Power Plant

Ena-shi, Gifu

32

Sep. 6, 2018

Sep. 12, 2037

Surface rights

757

742

0.96

2,124.20

S-17

CS Daisen-cho Power Plant(A)(B)

Saihaku-gun, Tottori

40

Sep. 6, 2018

Aug. 9, 2037

Surface rights/Leasehold/Easement

10,447

9,641

12.49

27,302.40

S-18

CS Takayama-shi Power Plant

Takayama-shi, Gifu

32

Sep. 6, 2018

Oct. 9, 2037

Ownership/Easement

326

303

0.39

962.28

S-19

CS Misato-machi Power Plant

Kodama-gun, Saitama-ken

32

Mar. 1, 2019

Mar. 26, 2037

Ownership

470

429

0.56

1,082.00

S-20

CS Marumori-machi Power Plant

Igu-gun, Miyagi

36

Mar. 29, 2019

Jul. 12, 2038

Surfacerights/Easement

850

772

1.00

2,194.50(Note)“Price” refers to the median project valuation report amount, which is the estimated values provided to us by PricewaterhouseCoopers
Sustainability LLC (S01 – S18) and Kroll, LLC (S-19 – S-25) in its project valuation reports as of December 31, 2021.

8

Asset List (1) – Power Plant Data, Valuation and etc.
No.

Project nameLocation

FIT
Price
(yen)

Acquisition
Date

FIT Expiration

Land Rights

Acquisitio Valuationn Price
Price
Portfolio(million(million%yen)yen)(Note)

Panel
Output(kW)

S-21

CS Izu-shi Power Plant

Izu-shi, Shizuoka

36

Nov. 29, 2019Nov. 29, 2038

Surface rights

4,569

4,257

5.52

10,776.80

S-22

CS Ishikari Shinshinotsu-muraPower Plant

Ishikari-gun,
Hokkaido

24

Sep. 28, 2020

Jul. 15, 2039

Ownership

680

621

0.80

2,384.64

S-23

CS Osaki-shi Kejonuma Power
Plant

Osaki-shi, Kejonuma

21

Sep. 28, 2020

Jul. 21, 2039

Ownership

208

195

0.25

954.99S-24

CS Hiji-machi Dai-ni Power Plant

Hayami-gun, Oita

40

Mar. 8, 2021

Oct. 30, 2039

Ownership/Leasehold/Easement

27,851

27,48535.62

53,403.66

S-25

CS Ogawara-machi Power Plant

Shibata-gun, Miyagi

32

Mar. 8, 2021

Mar. 19, 2040

Ownership/Leasehold/Easement

2,745

2,703

3.50

7,515.35

80,001

77,172100.00183,973.12

Total(Note)“Price” refers to the median project valuation report amount, which is the estimated values provided to us by PricewaterhouseCoopers Sustainability LLC (S01 – S18)
and Kroll, LLC (S-19 – S-25) in its project valuation reports as of December 31, 2021.

9

Asset List (2) – Operational Result for 9 th FP(in thousand yen)

Basic Rent

Variable Rent andOther Revenues

Rental Expenses(incl. depreciation
expenses)

Depreciation
Expenses

Net Operating
Income after
Depreciation
ExpensesNo.

Project name

S-01

CS Shibushi-shi Power Plant

18,941

7,353

14,254

9,539

12,040

S-02

CS Isa-shi Power Plant

14,027

5,006

11,700

7,837

7,332

S-03

CS Kasama-shi Power Plant

29,09910,88620,925

14,48319,059S-04

CS Isa-shi Dai-ni Power Plant

28,965

10,51324,111

16,481

15,366S-05

CS Yusui-cho Power Plant

23,2368,331

21,487

14,26910,080S-06

CS Isa-shi Dai-san Power Plant

34,496

13,20429,92319,896

17,776

S-07

CS Kasama-shi Dai-ni Power Plant

28,718

10,587

26,693

17,604

12,610S-08

CS Hiji-machi Power Plant

37,101

16,05332,646

22,11920,507

S-09

CS Ashikita-machi Power Plant

36,736

13,06429,962

20,216

19,837

S-10

CS Minamishimabara-shi Power Plant(East & West)64,856

18,371

53,69035,39729,535

S-11

CS Minano-machi Power Plant

30,3788,454

25,00916,211

13,821

S-12

CS Kannami-cho Power Plant

18,2706,460

16,863

9,662

7,866

S-13

CS Mashiki-machi Power Plant

681,331250,520489,975

338,300

441,875

S-14

CS Koriyama-shi Power Plant

7,504

3,483

6,143

4,191

4,844

S-15

CS Tsuyama-shi Power Plant

21,685

8,308

19,502

13,144

10,492

S-16

CS Ena-shi Power Plant

25,353

11,281

22,392

14,51014,241

S-17

CS Daisen-cho Power Plant (A) (B)

381,584

139,595

320,354214,568

200,825

S-18

CS Takayama-shi Power Plant

9,622

3,173

8,595

5,496

4,201

S-19

CS Misato-machi Power Plant

12,873

6,079

11,590

7,600

7,362

S-20

CS Marumori-machi Power Plant

28,045

10,67530,855

17,0597,865

10

Asset List (2) – Operational Result for 9 th FP(in thousand yen)No.

Project name

S-21

CS Izu-shi Power Plant

S-22

Basic Rent

Variable Rent andOther Revenues

Rental Expenses(incl. depreciation
expenses)

Depreciation
Expenses

Net Operating
Income after
Depreciation
Expenses

141,256

81,935

137,92287,77685,268CS Ishikari Shinshinotsu-mura Power Plant

20,656

18,94828,612

12,665

10,990S-23

CS Osaki-shi Kejonuma Power Plant

6,288

2,618

6,149

3,600

2,756

S-24

CS Hiji-machi Dai-ni Power Plant

827,769

274,328

571,834

475,055

530,262

S-25

CS Ogawara-machi Power Plant

85,86733,454

72,59354,273

46,7282,614,668

972,6932,033,808

1,451,961

1,553,553

Total

11

2. Major Topics

12

AUM Snapshot◼ A summary of AUM as of the end of 9 th FP. The fund has 25 power plants with total panel
output of 184 MW and the total acquisition price is approximately ¥80Bn, which maintains thelargest scale among the listed infrastructure funds◼ Historical valuation and book value(after depreciation)<Portfolio as of the end of 9th FP>

25 projects# of projects

Panel output
of AUM(Note)

Total acquisition
price as of theend of 9th FP

183.9 MW

Total valuation
price(Note) as ofthe end of 9th FP(JPY billion)¥80.00 Bn¥77.17 Bn

80.00
70.00
60.00
50.00
40.00
30.00
20.00

Valuation price

33.86

Book value

50.02

47.09
35.96
42.07

42.67

51.49
46.47

79.03

48.89
49.58
45.57

75.27

77.17
73.86

45.35

30.44 31.11“Price” refers to the median project valuation report amount, which is the estimated values provided to us by PricewaterhouseCoopers Sustainability LLC andKroll, LLC in its project valuation reports as of December 31, 2021.

◼ Track Record of Consistent External Growth (acquisition price basis)
IPO acquisitions (Oct. 2017)
CS Mashikimachi PP(100Mn yen)First PO (Sep. 2018)
CS Mashikimachi PP

Acquired 13 projects with
72.7MW total panel
outputSecond PO (Mar. 2021)
CS Hiji-machi
Dai-Ni PP

Acquired 3 projects with
30.3MW total panel
outputCS Ogawaramachi PP

1,000

2nd FP acquisitions

4th FP acquisitions

5th FP acquisitions

7th FP acquisitions

800

Acquired 2 projects with
2.5MW total panel output

Acquired 2 projects with
3.2MW total panel output

Acquired 1 project with
10.7MW total panel output

Acquired 2 projects with
3.3MW total panel output

305.9

600

0

301.1
上場時
2017年10月

IPO
Oct 2017

800.0

115.3

9.9
311.0
第2期
（2018年6月）

2nd Fiscal Period(period-ended
June 2018)

426.3
第3期
（2018年12月）

3rd Fiscal Period(period-ended
December 2018)

1,000

8.9

45.7

13.2

400
200

2 projects have beenacquired with 60.9MW
total panel output

439.5
第4期
（2019年6月）

4th Fiscal Period(period-ended
June 2019)

485.2
第5期
（2019年12月）

5th Fiscal Period(period-ended
December 2019)

485.2
第6期
（2020年6月）

6th Fiscal Period(period-ended
June 2020)

800.0

494.0
第7期
（2020年12月）

7th Fiscal Period(period-ended
December 2020)

第8期（2021年6月）

8th Fiscal
Period
取得予定(period-ended
資産取得後
June 2021)

Note: The medium-term target shown above is CSIF’s target as of December 31, 2021, and does neither represent a guarantee nor promise that the target will be achieved nor when it
will be achieved. CSIF’s asset size expansion is dependent on financing environment, development schedule of solar power plants in the sponsor pipeline, acquisition opportunities
of projects outside of the sponsor pipeline, and negotiations with sellers. Hence, there is a possibility that the asset size target may not be achieved.

9th Fiscal Period(period-ended
December 2021)

Medium-termtarget (Note)

13

Portfolio Diversification◼ Since the IPO, CSIF has reduced its concentration risk of projects under management byconsistently acquiring PV projects developed by the Sponsor.
◼ Aiming to build a portfolio to support stable cashflow with the remaining FIT period diversified.
◼

Decline in ratio of top-3 projects in the portfolio (panel output basis)
At IPO

As of the end of 9th Fiscal
Period-ended Dec. 31, 2021

As of the end of 7th Fiscal
Period-ended Dec. 31, 2020

29.0%

38.8%
65.6%

3.5%

8.8%

5.4%
CS Mashiki-machi PP

CS Mashiki-machi PP
CS Daisen-cho PP (A & B)
CS Izu-shi PP

CS Minami Shimabara-shi PP (east & west)
CS Hiji-machi PP

◼

14.8%

22.2%

25.9%

CS Hiji-machi Dai-ni PP
CS Mashiki-machi PP
CS Daisen-cho PP (A & B)

Remaining FIT period of projects-under-management (panel output basis)(MW)
Projects reaching FIT expiration after 2034

100
80
60
40
20
0
2022

¥40/kWh¥36/kWh¥32/kWh¥24/kWh¥21/kWh

6.1
0.9
2.3

49.0

53.4

FIT period: 12 years
1.2

6.3
11.9

2034

2035

3.0
1.7
2036

27.3
2037

12.9
2038

7.5
2039

2040

14

Unit Price Performance◼ CSIF’s unit price performance was generally stable and quite closely linked to the behavior of
the TSE Listed Infrastructure Fund Index.
◼ Unit price across-the-board for listed infrastructure funds slumped due to disrupted
supply/demand dynamics. However, CSIF was the first to recover and outperformed the TSE
Listed Infrastructure Fund Index.
(Yen)

CSIF unit trading volume (right)
Nikkei 225 (left)

CSIF unit price (left)
TSE REIT Index (left)

TSE Listed Infrastructure Fund Index (left)(unit)

135,000

4,000

3,500

130,000

3,000

2,500

125,000

2,000

1,500

120,000

1,000

500

115,000
2021/702021/82021/92021/102021/11

Source: Tokyo Stock Exchange, Inc.
Note:
Weighted average of listed infrastructure funds, Nikkei average, and TSE REIT Index is benchmarked to CSIF’s closing price as of July 1, 2021 and shows the rateof decline since July 1, 2021.

2021/1215

LTV, Fixed-to-variable interest rate
Debt Profile (1) –ratio, DSCR and Credit Rating◼ Employed conservative finance strategies to maintain sound LTV levels and a comfortable levelof borrowing capacity while taking advantage of leverage effects◼ CSIF financial profile remains stable as fixed-to-variable interest rate ratio is 100% and DSCR
is 2.11◼ Fixed-to-variable interest rate ratio and DSCR
Fixed-to-variable interest rate ratio (Note1)
As at end of June 2021

As at end of December 2021

95.19 ％

100.00 ％DSCR (Note2)◼ Historical LTV
60.00%
55.52%
55.00%
50.00%

51.58%

53.74%

49.78%

54.31%

51.97%
51.75%

47.00%

As at end of June 2021

As at end of December 2021

2.32

2.11

45.00%

44.67%

40.00%◼ Credit Rating
Rating Agency

Japan Credit Rating
Agency, Ltd.
Rating and Investment
Information, Inc.

Subject to Rating

After
Review

Outlook

Renewal Date

Long-term Issuer Rating

A

StableJuly 19, 2021

The 1st Unsecured Investment Corporation Bond
(only for Qualified Institutional Investors)

A-

July 19, 2021

Long-term Issuer Rating

A-

StableAugust 12, 2021

(Note1)“Fixed-to-variable interest rate ratio” refers to the ratio of fixed interest rate liabilities to total interest-bearing liabilities at that time. Variable interest rate liabilities that were converted to fixedinterest rate liabilities through interest rate swap agreements were deemed as fixed interest rate liabilities(Note2） "DSCR" stands for Debt Service Coverage Ratio and refers to the numerical value calculated by (operating income + depreciations costs + the increased portion of the reserves in our reserve fundfor repair fees ) ÷ (principal repayment + interest)". DSCR is a multiple of the cash flow before repayments of existing borrowings versus repayment amount of existing borrowings. CSIF believes
that DSCR is a useful indicator that shows how much surplus cash flow is available for repaying existing borrowings.

16

Debt Profile (2) – Summary of Loans and Bonds(As of December 31, 2021)

Category

Type

Initial amount Outstanding(yen millions) (yen millions)Interest rate

Interest
rate type

Drawdown
date

Base rate plus 0.45%(fixed at 0.845% upon executinginterest rate swap)

Fixed

31-Oct-2017 10 years from drawdown date
JCR Green Finance Evaluation

Fixed

6-Sep-2018

10 years from drawdown date

Fixed

8-Mar-2021

10 years from drawdown date
JCR Green Finance Evaluation

Maturity

Long-term

15,70013,188Long-term

8,000

6,995

Long-term

17,00016,607

Sub total of Loan

40,70035,037Long-term

1,100

1,100

0.71%

Fixed

6-Nov-2019

5 years from issuance dateLong-term

3,800

3,800

0.80%

Fixed

26-Jan-2021

5 years from issuance date
JCR Green Bond Evaluation

Sub total of Bond

4,900

4,900

Total

45,60039,937

Loan

Base rate plus 0.45%(fixed at 1.042% upon executinginterest rate swap)
Base rate plus 0.45%(fixed at 0.8199% upon
executinginterest rate swap)

Bond

17

Bank Formation■Organized stable Bank Formation with 23 banks including Shinsei Bank, 3 Mega Banks andSumitomo Mitsui Trust Bank appointed as the Arrangers and Co-Arrangers
Balance（JPY million）

Share（%）

Shinsei Bank, Limited

4,620

13.2%

Sumitomo Mitsui Banking Co.

3,912

11.2%

MUFG Bank, Ltd.

3,708

10.6%

The Nanto Bank, Ltd

2,902

8.3%

Mizuho Bank, Ltd.

2,456

7.0%

Asahi Shinkin Bank

1,988

5.7%

Hiroshima Bank, Ltd.

1,838

5.2%

Resona Bank, Limited

1,416

4.0%

The Oita Bank, Ltd.

1,371

3.9%

The Tottori Bank, Ltd.
Sumitomo Mitsui Trust Bank,
Limited.
The Chugoku Bank, Ltd.

1,325

3.8%

1,275

3.6%

1,275

3.6%

The 77 Bank, Ltd.

994

2.8%

The Ashikaga Bank, Ltd

843

2.4%

Orix Bank Corporation

786

2.2%

The Shonai Bank, Ltd.

708

2.0%

The Tochigi Bank, Ltd.

708

2.0%

The Bank of Saga, Ltd.

662

1.9%

The Senshu Ikeda Bank, Ltd.

662

1.9%

The Bank of Nagoya, Ltd.

662

1.9%

The Fukuho Bank, Ltd.

473

1.4%

The Bank of Fukuoka, Ltd.

284

0.8%

San ju San Bank, Ltd.

157

0.4%

Lender

Shinsei Bank, Limited
13.2%
Sumitomo Mitsui
Banking Co.
11.2%

Total Debt

Sumitomo Mitsui
Trust Bank, Limited
3.4%(35.0 billion yen)

MUFG Bank, Ltd.
10.6%

Mizuho Bank, Ltd.
7.0%

The Oita
Bank, Ltd.
The
Chugoku
Bank, Ltd.

The
Ashikaga
Bank, Ltd.

Hiroshima Bank,
Ltd.

The
Nanto
Bank, Ltd.

Sumitomo
Mitsui
Banking Co.

Asahi
ShinkinBank

Shinsei Bank,
Limited

MUFG Bank,Ltd.

The Shonai
Bank, Ltd.
The Senshu
Ikeda Bank,
The BankLtd.
of Nagoya,Ltd.

The Bankof Fukuoka,
Ltd.

ResonaBank,
LimitedThe
TottoriBank, Ltd.
The 77
Bank, Ltd.

MizuhoBank, Ltd.

Sumitomo Mitsui
Trust Bank, Limited.

San juSan Bank,
Ltd.

The
FukuhoBank, Ltd.

Orix Bank
Corporation
The
TochigiBank, Ltd.
The Bankof Saga,
Ltd.

18

Impact of Curtailment by Kyushu Electric Power◼ Data of past cases of curtailment and estimated impacts are showed below. Business forecast
for the future FP includes estimated impacts. (10 out of 25 portfolio assets are located in
Kyushu region)FP

No. of days of
implementation

No. of days
at CSIFpower plants

3rd

8

12

◼ Kyushu Electric Power commenced curtailment in October 2018 in the 3 rd FP.

Current situation of curtailment and impacts on CSIF

4th

48

117

◼ In the 4th FP, despite the high frequency of curtailment from March to May, actual power generation exceeded
forecasted amounts. Hence, impact to CSIF’s performance was limited.
◼ No curtailments occurred after May 13 because inspections at the nuclear power plants commenced, and electric power
demand rose in summer.

5th

13

21

◼ In the 5th FP, the CSIF’s facilities were again subject to curtailment from October 13, 2019, but the impact remained
limited for the FP.

6th

7th

71

2

249

1

◼ In the 6th FP, the curtailment had seemed to have minor impacts in view of ongoing regular inspections of the nuclear
power plants, measures against terrorist attacks.
◼ However, the impact of curtailment increased in the 6th FP due the increase of the number of PV power plants in Kyushu
region and decrease in electricity demand by the current situation with COVID-19◼ In the 7th FP, the curtailment had seemed to have minor impacts in view of ongoing regular inspections of the nuclear
power plants and measures against terrorist attacks.
◼ Strong electricity demand in November and December 2020 due to cold weather.
◼ Since the measures against terrorist attacks and regular inspections of nuclear power plants in the region had been
completed and resumed operations, the number of days of curtailment implementation was more than that of the 6th FP.

8th

90

206

◼ For the power plants with online operation controller, the impact of curtailments were limited because the number ofdays of curtailment were less than offline plants and peak time basis curtailments were conducted.
◼ Actual variable rent reduction (vs forecast): JPY 320.42 million (9.47% of forecasted rental income)

9th

22

96

◼ The number of curtailment days and frequency of curtailment decreased compared to the previous period and thecompletion of the installation of online curtailment controller at 9 power plants, excluding the CS Hiji-machi Dai-ni PP,
seemed to have a certain effect on reducing the rent reduction caused by curtailment.
◼ Actual variable rent reduction (vs forecast): JPY 91.821 million (2.46% of forecasted rent income)19

Onlinization Related to Curtailment■ Rationale behind installing online curtailment
controller■ Examples of CSIF’s online operation retrofitting
Installed Cyclic Data Transfer system designed to
manage power curtailment and to optimize output of theentire power conditioner.

Transition from all-day curtailment to hourly curtailment ispossible through retrofitting for online operation.
Hours
出力制御
Offline output curtailment
subject
適用時間
to curtailment(all-day curtailment)

Output

CS Mashiki-machi PP

Online output curtailment(hourly curtailment)

CS Minami Shimabara-shi
PP (east & west)

OutputFull day output curtailment
regardless of peak hours
7am 8am 9am10am11am
12pm1pm 2pm 3pm 4pm 5pm

Curtailment limited
to peak hours onlyTime

7am 8am 9am10am11am12pm1pm 2pm 3pm 4pm 5pm

Time

Expect to increase power generation efficiency except forcurtailed hours as well as transitioning to hourly curtailment
instead of all-day curtailment

CSIF expects to reduce the negative impact of curtailment on its revenue by
installing a curtailment controller■ Promotion of installing curtailment controller by
Kyushu Electric Power Transmission and Distribution
Co., Inc.
Under the new curtailment method to be implemented by Kyushu
Electric Power Transmission and Distribution Co., Inc. as of April 2021,
curtailment duration in case of online output curtailment compared tooffline output curtailment has been much reduced. Kyushu Electric Power
Transmission and Distribution Co., Inc. has announced its policy topromote the installation of curtailment controllers. (Both number of days
and hours within the day are reduced, so positive contribution to thefund’s power generation is expected.)
Promote the installation of online curtailment controllers to power plants
connected to the Chugoku Electric Power Transmission & Distribution,
Tohoku Electric Power Network, and Chubu Electric Power Miraizare.

■ Online output curtailment controllers will be
installed at all Kyushu assets in the 10th FP
TimingPower Plant

8th FPCS Mashiki-machi PP, CS Shibushi-shi PP, CS
Minamishimabara-shi PP (E)(W)

9th FP

Other PPs connected to the Kyushu Electric grid(except for CS Hiji-machi Dai-ni PP)

10th FP(in Feb)

CS Hiji-machi Dai-ni PP

20

ESG Initiatives (UN PRI / Wholesale Electricity Supply)◼ Signatory to UN PRI⚫

As of August 13, 2019, our asset manager, Canadian Solar Asset Management K.K. (“CSAM”), became thefirst Japanese asset manager of a listed infrastructure fund to be a signatory to the UN PRI (United Nations
supported Principles for Responsible Investment) to promote ESG (Environmental, Social, Governance)
investments.

⚫

The UN PRI sets the global standards for incorporating ESG factors into the decision-making process of asset
managers.

◼ CSAM’s approach on UN PRI⚫

As a signatory to the UN PRI, CSAM devised an “Approach to UN PRI Guidelines” as of the end of December
2020 as its basic ESG policy, which can be found on CSIF’s website.

◼ Power sales to renewable energy users through a Wholesale Electricity Supply Agreementwith UPDATER, Inc. and Zero Watt Power Inc.
⚫

By executing the wholesale electricity supply agreement with UPDATER, Inc (fomer Minna-denryoku, Inc.) andZero Watt Power Inc for CSIF’s power plants listed below, CSIF contributes to supply FIT electricity toconsumers. With respect to electricity consumption of CSIF’s power plants, purchase of clean energy derived
from renewable sources have been started. CSIF believes that the fund contributes to the utilization ofrenewable energy.
Power Plant

Counter Party

Premium Wholesale

CS Marumori-machi PP

UPDATER

From February 2021

Purchase of clean
energyFrom January 2021

Zero Watt Power

From February 2021
From December 2021
From June 2021

From March 2021
From June 2021
From May 2021

CS Hiji-machi Dai-ni PP

From July 2021

From June 2021

CS Ogawara-machi PP

From May 2021

From July 2021

CS Izu-shi PP
CS Mashiki-machi PP
CS Daisen-cho PP (A)(B)21

ESG Initiatives（TCFD）◼ TCFD⚫

Task Force on Climate-related Financial Disclosures (TCFD) was established by the Financial Stability Board(FSB) to promote transparency on climate-related information disclosures and discuss implementation
methods for financial institutions.

⚫

CSIF has structured climate-related disclosures in accordance with the guidelines of the “TCFD
Recommendations” released in June 2017 where it is recommended to categorize disclosures by coreelements; “governance”, “strategy”, “risk management”, “metrics and targets”.

Climate-related financial disclosures in accordance with TCFD recommendations
Category

Governance

StrategyContent on CSIF Disclosure◼ CSAM Sustainability Committee, scheduled to be officially established on March 1, 2022, will advise the board of
directors (reporting twice annually) on ESG including response to climate change.
◼ Drawing on the latest insight on political trends on renewables and natural disasters, this committee will advise andprovide guidance on how to mitigate specific risks and capitalize on opportunities.
◼ Identifying specific risks and opportunities- Organize and understand transition and physical risks/opportunities over the short-term (less than 5 years),
medium term (5~15 years), and long-term (more than 15 years) perspectives.
◼ Scenario analysis- Analyze scenarios for climate-related risks and opportunities identified as “high priority” while factoring in
impacts to the organization, consistency with corporate strategy and stakeholder interest.

Risk management◼ Analyze priority of climate-related risks and opportunities relevant to solar power from the perspective of impacts tothe organization, consistency with corporate strategy and stakeholder interest.
◼ Management process of high priority risks will be administered upon considering “risk identification method”, “risklimit”, “risk reduction measures” and “mitigation measures when risk is identified”.

Metrics and targets◼ CSIF acknowledges that the government’s 2030 target (6th Basic Energy Plan) for 36-38% of energy to come fromrenewables as an important metric and target when investing in and operating PV projects.
◼ Considering to install online curtailment controllers to minimize power sale losses from curtailment.

22

ESG Initiatives (Green Finance)◼ CSIF devised a new Green Finance Framework which obtained a Green1(F) assessment from JCR,
the highest assessment rating as of May 11, 2020 and the rating is maintained.
JCR and Shinsei
Green Loan
Assessment
Latest acquisitions

Stakeholders

Reporting onfund allocation
andenvironmental
improvement

1 New borrowings(Green loan)

Shinsei Bank,
Limited, etc

IPO acquisitions

2

Borrowings(Green loan)

Financial
institutions

Acquisitions after IPO

3

Investment
corporation
bonds (Green bond)

Bond investors

Green1(highest JCR evaluation)

1

CSIF obtained Green 1(Green Bond/Loan) rating, the highest rating from JCR and Shinsei Green Loan Assessment
from Shinsei Bank, Limited, which is one of CSIF’s arranger banks, for its new borrowings of 17.0bn yen which wasallocated towards the latest acquisitions.

2 The borrowings amounting to 15.7bn yen which was allocated towards the funds for acquiring the acquisitions for the
IPO obtained a Green1 (the highest rating) assessment by JCR as of November 22, 2017, based on JCR’s evaluation of
the use of proceeds and CSIF’s management/operation/transparency. Also, after an annual review, the borrowings
continued to be assessed as Green1 as of February 13, 2020.

3

On January 26, 2021, CSIF issued a 5-year Green Bond of 3.8 bn yen, which was given JCR Green1 assessment andthe proceeds was used for the repayment of borrowings.
23

Outlook on Japan’s Renewable Energy Mix
Ratio of renewable energy with total energy mix⚫ According to the 6th Basic Energy Plan approved by the Cabinet in October 2021, the government plans to set the share of renewableenergy as the top source of energy. Also, it seeks to double the ratio of renewable energy (compared to FY2019) by FY2030;
somewhere between 36~38% of the total energy mix.
⚫ Solar power is expected to compose 14%~16% of the total renewable energy mix, which is the highest amongst all other renewablesources.
Renewable Energy
Nuclear
LNG
Coal
Fossil fuel
Other
OutputApprox. 1.024Tr kWhApprox. 1.065Tr kWhApprox. 930~940Bn kWh

100%

7%

3%

80%

1%
2%
19%

32%

26%

Biomass 5%
Solar

20%

60%

14~16%

27%
20%~22%

40%

37%

20%

6%
18%

22%~24%FY2019Actual

FY2030 target(Forecast at the time of 2015)

0%

FY2030 renewable power
output target

Hydro 11%20%~22%
36%~38%FY2030 target
under 6th Basic Energy Plan

Geothermal 1%

Wind 5%

Breakdown of renewable energy sources⚫ As of March 2020, the installed capacity of solar power is the highest among all other renewable sources, and it is expected that
installed capacity of solar will continue increasing.
SourceInstalled capacity(March 2020)

FY2030 Forecast capacity（Case of enhanced policy response)

FY2030 Forecast capacity（Ambitious outlook)

Solar

55.8GW

100.0GW

103.5~117.6GW

Onshore wind

4.2GW

15.9GW

17.9GW

Offshore wind

0.01GW

3.7GW

5.7GW

Geothermal

0.6GW

1.5GW

1.5GW

Hydro

50.0GW

50.7GW

50.7GW

Biomass

4.5GW

8.0GW

8.0GW

Total output

Approx. 187.6Bn kWhApprox. 313.0Bn kWhApprox. 336.0~353.0 Bn kWh

Source: Compiled by the asset manager based on disclosures by METI, Agency for Natural Resources and Energy, Advisory Committee for Natural Resources and Energy,
and the Strategic Policy Committee

24

Main Points of the Revised Renewable Energy Act◼ Detailed rules and procedures were announced by combined meetings under the leadership of
Agency for Natural Resources and Energy (ANREA) in February of 2021.
Since then, various systems to start in April 2022 have been discussed until December 2021.
Categories subject tothe cash reserve
systemAll PV operations with FIT/FIP certificates of more than 10kW

Cash reserve method

In principle, PV operators with FIT/FIP certificates put cash reserve for demolition cost on OCCTO bywithholding such cash reserve from incoming electricity revenue. Exceptionally, cash reserve within PV
operators shall be permitted under certain conditions⇒ For listed infrastructure funds, cash reserve was permitted as meeting certain requirements above

Cash reserve period

For ten years prior to the end of the FIT period with a monthly frequency

Cash reserve amountFor accredited PV projects whose procurement prices have already been determined by FY2019, thereserve amount is the level of assumed costs for decommissioning, etc. in the procurement pricecalculation determined by the Procurement Price Calculation Committee◼ Market-linked FIP System
⚫
⚫
⚫

⚫

Market Price Benchmark: Adopted an area price with weighted-average prices on the Spot Market and Pre-Market
Frequency of Premium Distribution: One monthMarket Reference Term and Timing: A reference price on the JPEX shall be determined by “ Average Price for the Previous Year +Monthly Adjusted Price (＝Monthly Average Price for the Current Year －Monthly Average Price for the Previous Year”
Among the following items announced by ANREA are a) premium during the curtailment time, b) how to handle non-electricity
elements such as non-fossil value, c) how to handle FIP for the curtailment, d) balancing cost, e) rule on aggregation business,f) requirements for a transfer of FIT to FIP, etc.

◼ Non-operational PV Project: Automatic Cancellation of FIT Certificate⚫
⚫

Shall judge the progress status such as application for grid connection work in one year after the operational deadline in case of
PV which has an operational deadline after April 1, 2022
Shall judge the progress status in one year after April 1, 2022 in case PV of which operational deadline is delayed as of April 1,
2022

25

Discussions on Power Producer-Side Wheeling Charge◼ Power Producer-side wheeling charges (postponed for 1 year)
Committee consensus on new regulation to levy a 10% consignment charge (based onamount of power generated) on renewable energy power producers was scheduled to bereached during FY2021, however, the deadline was postponed for another year.

A Summary ofthe details ofWheeling
Charge• Although discussions with METI on schematics of the wheeling charges proceeded as plannedwith an agenda to reach a decision during FY2021, the Committee decided to postpone theeffective date of the regulation from FY2023 to FY2024.
• Topics on the agenda included special consideration for existing FIT projects along with methodof levy and calculation models. However, METI described the following comment in the Basic
Energy Plan concerning this issue as “discussions will continue concerning the need for suchtreatment with the goal of implementing it quickly and efficiently”.
• At a METI Council meeting in Dec. 2021, they said “we want to reexamine this issue in light ofrecent affairs concerning energy and devising an effective implementation method in line with
the Energy Agency’s accelerated progress in renewable energy initiatives”.

◼ Scheme of Wheeling Charge
Wheeling
ChargePower
Producers

Consignment
ChargeGridoperators
10%

Utilities bill

Retailers

End Users

90%

Wheeling charge shall be properly added to the wholesale price.
26

3. Management Policy27

10 th, 11th and 12 th FP Business Forecast◼ Business Forecast
10th Fiscal Period(ending June 2022)

11th Fiscal Period(ending December 2022)

12th Fiscal Period(ending June 2023)

Statement of Income (million yen)
Operating revenue

3,704

3,722

3,672

Operating profit

1,388

1,401

1,381

Ordinary profit

1,174

1,188

1,178

Current net profit

1,174

1,187

1,177

DPU (incl. distributions in excess of earnings)

3,750yen

3,750yen

3,750yen

DPU (excl. distributions in excess of earnings)

3,036yen

3,070yen

3,045yen

714yen680yen705yenPer unit distributions in excess of earnings

Congruent with CSIF’s policy to maintain stable levels of distributions, DPU for the 9 th FP is
increased by ¥50 from the 8 th FP due to the effect of the acquisition of assets in the 8 th FP andprojected DPU for the 10 th – 12 th FP is the same level of 9 th FP(Note-1) Figures are rounded down to the nearest million yen.
(Note-2) Above forecasts are based on earnings summary dated February 14, 2022 and is subject to change due to factors including without limitation, acquisition or sale of renewableenergy projects, changes in infrastructure markets, fluctuation in interest rates and other changes in circumstances surrounding CSIF. Forecasts do not guarantee any
dividend amounts.

28

Historical and Forecasted Dividend◼ CSIF has realized stable dividend since distributing ¥3,600 for the 3 rd FP◼ DPU for the 9 th FP is ¥3,750 with ¥50 increase from the 8 th FP. The acquisition of assets in the
8 th FP contributed to the increase◼ DPU forecast for the 10th – 12th FP is the same level of 9th FP and The fund aims to achieve astable and sustainable distribution payout by utilizing distributions in excess of earnings

（円）

4,000

3,600

3,500

3,650
577

3,700

3,700

708

601

2,992

3,099

6th FP

7th FP

3,700

3,750

3,750

3,750

3,750

924

848

714

680

705

2,776

2,902

3,036

3,070

3,045

8th FP

9th FP

10th FP

11th FP

12th FP(Forecast)(Forecast)(Forecast)

1,340

3,000
2,500

2,350

2,000

808

1,817

3,073

1,500

1,000

3,650

2,310
1,542

1,783

500
0

2nd FP

3rd FP

4th FP

5th FPDPU (excl. distributions in excess of earnings)

Per unit distributions in excess of earnings(Note) Figures for the 10th~12th Fiscal Period are forecasts and are subject to change. They do not represent guaranteed distribution amounts.

29

External Growth Strategy（Sponsor Pipeline）(Sponsor Pipeline including projects owned by JGIF and Bridge Fund, the numbers are as of December 31, 2021)◼ Target to achieve ¥100Bn in asset size in medium term by mainly acquiring assets fromabundant sponsor pipeline◼ Sponsor launched Japan Green Infrastructure Fund (JGIF) with a third-party investor. JGIF is
operated as the development fund of PV power plants and enables the sponsor group toaccelerate development activity. CSIF has first refusal right to acquire the projects which JGIF
owns.
Operational and underconstruction

16 projects, 219.3MW

Under development

Total sponsor portfolio

14 projects, 171.6MW

30 projects, 390.9MW◼ Sponsor pipeline snapshot
FIT purchase price range ¥32~¥40/kWh projects are mostly
composed of large projects
Fully taking advantage of vertically-integrated model to actively
develop new projects regardless of project size or FIT price
By FIT price (panel output)

By size (per asset)

3.450MW -

2
8
8

10MW - 50MW

¥40

110.21124.46

5MW - 10MW

93

2MW - 5MW

¥36
¥32
¥20 - ¥30

94.97
24.52

- 2MW

33.43
Source: Compiled by the Asset Manager based on disclosures by Canadian Solar Projects K.K.

◼ Operational start year and status ofsponsor pipeline assets
（MW）

450
400
350
300
250
200
150
100
50
0

Operational

Under construction

Under development
390.9MW

¥13 - ¥18
- ¥13

30

Sponsor Pipeline Map(Including Projects Owned by JGIF and Bridge fund)● Operational● Under construction● Under development

Pink box for Bridge Fundprojects

Light blue box for
JGIF’s projects

Lower row in each box ; size (MW)/FIT price in JPY/ anticipated COD（as of December 31, 2021）

CS Tottori Daisen Dai-ni PP
1.9 MW/11.49/2024

CS Gunma Takasaki KG PP
24.5 MW/14.49/2022

CS Hokkaido Bihoro PP
2.5 MW/18/2021

CS Shimane Hamada PP
2.0 MW/21/2022

CS Gunma CC PP
21.0 MW/11.99/2025

CS Aomori Maita PP
3.0 MW/10.89/2024

CS Hiroshi Fukuyama PP
3.4 MW/40/2020
CS Hiroshima Suzuhari PP
17.8 MW/17.97/2022

CS Miyagi Kami-machi PP
80.0 MW/10.76/2026

CS Gunma Minakami Dai-ni
PP 2.2 MW/18/2023

CS Shichikashuku-machi PP
9.2 MW/36/2020

CS Gifu Kamitakara PP
20.1 MW/21/2023

CS Yamaguchi Hofu PP
8.0 MW/14.25/2022

CS Fukushima Sabara PP
3.0 MW/10.79/2024

CS Yamaguchi Aiofutajima
1.2 MW/18/2022

CS Azuma Kofuji PP
100.0 MW/36/2022

CS Fukuoka Saigawa PP
13.0 MW/36/2021

CS Tochigi Kitsuregawa PP
1.2 MW/32/2023

CS Fukuoka Tagawa PP
0.7 MW/18/2022

CS Higashikagawa PP
2.6 MW/18/2022

CS Ibaraki Kurusu PP
11.3 MW/24/2022

CS Oita Munechika PP
8.1 MW/32/2023

CS Higashikagawa Dai-ni PP
2.1 MW/18/2022

CS Ibaraki Takamihara PP
1.2 MW/11.99/2024

CS Kumamoto Mashiki Daini PP 1.2 MW/18/2022

CS Okayama Shinyubara PP
30.0 MW/13.47/2024

CS Ibaraki Kasama PP
13.5 MW/32/2021

CS Kumamoto Yamato PP
1.5 MW/32/2019
Source: Compiled by the Asset Manager based on disclosures by Canadian Solar Projects K.K.

Hitachi Kama PP
2.2 MW/36/2017

CS Saitama Kumagaya PP
2.0 MW/18/202231

Acquisition of assets from third-parties◼ Acquired the asset shown below from a third-party source using a bridge fund. Given that
preferential negotiation rights were obtained, CSIF will be able to acquire the power plant at
an opportune timing◼ In addition to acquire assets from the sponsor pipeline, CSIF intends to diversify property
sources by using asset manager’s proprietary network and acquiring from third-parties
utilizing bridge funds.
◼ Bridge fund scheme◼ Asset Overview

Acquisition at timing of
CSIF’s direction

SellerBridge fundPreferencial
negotiationrights◼ Diverse sourcing channels and methods
Kama-shi,

PP Name

Hitachi- Kama
PP

Location

O&M Provider

NEO

Power Output

1,750.0kW

EPC Service
ProviderNEO

Panel Output

2,242.9kW

FIT ProcurementPrice

36 yen/kWh

Inverter
Manufacturers

Hanwha Q
CELLS Japan
Co., Ltd.

Land Rights

Superficies

Supplier ofPower
Conditioner

MEIDENSHACORPORATION

Hukuoka

Diversify sourcing
channels

Diverse asset
warehousing

Sponsor network

Utilize bridge
fund

Asset manager
proprietary network

Utilize sponsor
balance sheet

32

Appendix

33

Overview of Canadian Solar Group◼ Canadian Solar Group’s history
Founded in Ontario, Canada, 2001

◼ Canadian Solar Group’s Global Operations
Module and System solutions(MSS) segment：17 countries
Energy segment ：19 countries
Solar panel factory：4 countries (16 factories)

Listed on NASDAQ (CSIQ) in 2006
Entered the Japan market in 2009 and establishedproven track record for shipping PV modules
Approximately 14,000 employees globally
Presence in 25 countries/territories(As of Sep. 30, 2021)

1
7 12 8 9
2

10

2
2

14

Delivered solar panels amounting to over 63 GW total
capacity

16

2

19 20

2

5
4 67
31

22
21

18

23
24

4

25

15
6

Over 24 GW solar power plants are being built anddeveloped globally (incl. Recurrent Energy)（by Bloomberg New Energy Finance 2020 Module Bankability Survey）

17
2

3

5

The manufacturer of the most “Bankable” (qualified as
lending subject) solar power module

11
13

1 Canada

2 offices

2 U.S.

4 offices

3 Mexico

1 office

11 Italy
12 Netherlands

1 office

21 Thailand

1 office

22 Vietnam

1 office

1 office

23 Malaysia

1 offices

1 office

4 Brazil

1 offices

13 France
14 UAE

2 offices

24 Singapore

1 office

5 Colombia

1 office

15 South Africa 1 office

2 office

6 Chile1 office

25 Australia

16 India

1 office

7 U.K.

1 office
1 office

17 China
18 Taiwan

14 offices

8 Germany
9 Poland1 office

1 office

10 Spain

1 office

19 Korea
20 Japan1 offices

6 offices34

Canadian Solar Group’s Vertically-integrated Business Model
GrowthPV plant
Acquire PV
plants

Project owner

CS Mashiki-machi
Power Plant

Own and lease solar
energy projects

Canadian Solar Infrastructure Fund,
Inc.

ProvideO&M
services
PV plant
management

Lease PVfacilities
PV plantdevelopment

Module

Cell

Wafer

Ingot
SiliconCanadian Solar Group (incl. sponsor)

Developer
Canadian Solar Projects K.K.

O&M provider
Canadian Solar O&M Japan K.K.

35

Organizational Structure◼ Identical structure as a typical J-REIT◼ Our revenue is derived from rent income of solar energy projects
Canadian Solar Asset Management K.K.
Engaged in asset management in Canadian Solar
Infrastructure Fund, Inc.
⚫ Established in June 2016⚫

Canadian Solar Projects K.K. (Sponsor)(Sponsor / Operator)⚫ Engaged in construction and operation of solar
energy facilities⚫ Established in May 2014

Asset
Management
Agreement

AssetManagerSponsorSupportAgreement

Distributions

Investment
Corporation(Fund)

Provides O&M services to solar energy facilities
including our currently-owned projects⚫ Established in June 2016

Loan
Agreements

Lenders

Sponsor /Operator
O&M Service
Agreement

Solar Energy
Projects
Lease /
Purchase
Agreements

Sales of PV modules for use in residential andindustrial solar power systems⚫ Established in June 2009

Landowners

O&M

Lease / Operation
Agreement

Canadian Solar Japan K.K.
⚫

EquityEquityInterest

Canadian Solar O&M Japan K.K.
⚫

Investors

Asset Management
Service Agreements

LesseeOperator
SPC, etc.

Utilities
PPAs /
Interconnection
Agreements

36

ESG Initiatives: Environment◼ In consideration of the environment, CSIF and the Sponsor contributes to the utilization ofrenewable energy through renewable energy investments◼ Incorporate measures to reduce environmental impact from manufacturing solar panels⚫

The Canadian Solar Group is focused on reducing the environmental impact from solar panel manufacturing
processes such as greenhouse gases and manufacturing waste and water. (2017-2020)
Greenhouse gas emissions

Manufacturing water consumption

-20%

-18%

Energy consumption

Manufacturing waste

-19%

-44%

◼ Environmentally-conscious development and operation of CS Daisen-cho Power Plant⚫

Given that Mount Daisen located near CS Daisen-cho Power Plant owned by CSIF, is in close proximity to an
ecosystem rich with forests, plants and wild birds, the Sponsor made efforts to refrain from using chainsaws when developing the project to avoid damaging the habitat of rare species of indigenous falcons aswell as painting the fence around the site using camouflage colors.

37

ESG Initiatives: Social◼ Canadian Solar Group's relationship with local communities at Hiji-machi⚫

CSIF supported a local walking event (“Walking on Francis Xavier Road”) of Hiji town where CS Hiji-machi
Power Plant and CS Hiji-machi Dai-ni Power Plant located.

◼ Canadian Solar Group’s relationship with the local community around CS Daisen-cho⚫

The Sponsor constructed the Daisen Canadian Garden and donated it to the Daisen-cho Town Government incommemoration of the completion of CS Daisen-cho Power Plant, now owned by the CSIF after development,
and as part of its contribution to local communities in an effort to create harmony between nature and thelarge-scale solar power plant. In addition, it repaired the Hima Jinja Shrine in the same town and donated an
incense holder made of white granite to the Shimpukuji Temple.

Repaired the Hima Jinja Shrine

Donated an incense holder madeof white granite to Shimpukuji
TempleIn the Daisen Canadian Garden, there is a monument
created in the motif of the local mountain, Mt. Daisen.

◼ Donation to Marumori-machi, Igu-gun, Miyagi prefecture where CS Marumori-machi is located⚫

The sponsor and CSAM offered donations to the Marumori-machi Town Government. The town was
severely hit by Typhoon Hagibis in October 2019.
38

ESG Initiatives: Governance◼ Aligning the interest of unitholders with that of the Sponsor⚫

We aim to increase unitholders’ value by aligning the interest of unitholders with that of the sponsor.

Number of units held by the sponsor and holding ratio after the offering: 56,620 units （14.64%）◼ Decision-making Procedures for Asset Purchase and Transfer Transactions with Related Parties⚫

The Asset Manager has implemented measures in the Regulations for Related-Party Transactions to limit adverse effects
in connection with transactions with related parties such as Canadian Solar Group companies where conflicts of interest
are highly likely to emerge
Decision-Making Structure Concerning Transactions with Related Parties in connection with Asset Acquisitions and Transfers

Transactions with related parties(such transactions worth 5 billion yen or more)

Transactions with related parties(other transactions)

Drafting of asset acquisition and other plans by theInvestment Management Department

Drafting of asset acquisition and other plans by theInvestment Management Department

Approval by the Chief Compliance Officer(confirmation of the presence or absence ofcompliance problems including the state ofcompliance with laws and regulations)

Approval by the Chief Compliance Officer(confirmation of the presence or absence ofcompliance problems including the state ofcompliance with laws and regulations)

Deliberation and resolution by the Compliance
Committee
Deliberation and resolution by theInvestment Management Committee
Deliberation and resolution by the Board of
Directors of the Asset Manager
Approval by the Board of Directors of theInvestment Corporation and Agreement by theInvestment Corporation

Send proposal backRejection andsend proposal backRejection andsend proposal backRejection andsend proposal backRejection, disagreement
and send proposal backDeliberation and resolution by the Compliance
Committee
Deliberation and resolution by theInvestment Management Committee
Approval by the Board of Directors of theInvestment Corporation and Agreement by theInvestment Corporation

Send proposal backRejection andsend proposal backRejection andsend proposal backRejection, disagreement
and send proposal backReport to the Board of Directors of the AssetManager39

Status of Unitholders◼ Unitholding (as at period-ended December 2021)◼ By unitholding amount◼ By unitholders■Individuals / others# ofInvestment
units:
386,656■Financial institutions

191,427（49.50%）■Individuals / others

53,673（13.88%）■ Financial institutions(incl. financial instruments firms)■Domestic Corporates■Foreign entities & individuals

87,493（22.62%）

54,063（13.98%）

Name

# of
Unitholders:
18,48818,017（97.45%）
53 （ 0.28%）(incl. financial instruments firms)■ Domestic Corporates

310 （ 1.67%）■ Foreign entities & individuals

108 （ 0.58%）

Number of investment
units held (units)

Unitholding ratio to total
issued units (％)

1

Canadian Solar Projects K.K.

56,62014.64%

2

SSBTC CLIENT OMNIBUS ACCOUNT

10,757

2.78%

3

THE BANK OF NEW YORK

10,303

2.66%

4

THE BANK OF NEW YORK MELLON

8,923

2.30%

5

The Bank of Fukuoka, Ltd.

7,686

1.98%

6

The Rokinren Bank

6,536

1.69%

7

JP MORGAN CHASE BANK

6,100

1.57%

8

Custody Bank of Japan, Ltd. (Trust Account)

4,338

1.12%

9

The Hachijuni Bank, Ltd.

3,759

0.97%

10

Individual investor

3,300

0.85%

118,32230.60%

Total(Note): Unitholding ratio is rounded down to the nearest hundredth.

40Balance Sheet for 9 th FP◼ 9 th Fiscal Period (ended December 2021)◼ Assets(in thousands of yen)

Current assets
Cash and bank deposit
Operating accounts receivable
Accounts receivable
Prepaid expenses
Consumption tax receivable
Other current assets
Total current assets

5,101,023
757,343
223,542
59,1306,141,040

Property and equipment

Construction in progress
Structures in trust
Accumulated depreciation
Total structures in trust (net)
Machinery and equipment in trust
Accumulated depreciation
Total machinery and equipment in trust (net)
Tools, equipment and supplies in trust
Accumulated depreciation
Total tools, equipment and supplies in trust (net)Land in trust
Total property and equipment

1,048,112△149,698
898,41442,462,893△6,462,147
36,000,745
590,890△90,792
500,097
4,505,944
6,567,393△198,477

6,368,915
20,271,746△703,763
19,567,983
93,540△3,19590,345
4,769,905
72,702,352

Intangible assets
Leasehold rights
SoftwareTotal intangible assets

Total fixed assets
Deferred assets
Investment corporation bond issuance cost
Total deferred assets
Total assets

Fixed assets
Structures
Accumulated depreciation
Total structures (net)
Machinery and equipment
Accumulated depreciation
Total machinery and equipment (net)
Tools, equipment and supplies
Accumulated depreciation
Total tools, equipment and supplies (net)Land

Investments and other assets
Long-term prepaid expenses
Capital investments
Deferred tax asset
Long-term deposits
Guarantee deposits
Total investments and other assets

1,156,098
780
1,156,878

558,86910
16
15,60037,790612,285
74,471,517
20,481
20,481
80,633,040◼ Liabilities and Net Assets
Current liabilities
Operating accounts payable
Long-term borrowings to be repaid within 1 year
Accounts payable
Accrued expenses
Income taxes payable
Consumption taxes payable
Deposits received
Total current liabilities
Fixed liabilities
Investment corporation bondLong-term borrowings
Total fixed liabilities
Total liabilities
Unitholders’ equity
Unitholders’ capital
Amount deducted from Unitholders’ capital
Unitholders’ capital (net)
Surplus
Unappropriated retained earnings(accumulated deficit)
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets(in thousands of yen)
47,2482,248,718
157,466
101,743944
304,665
1,010
2,861,797
4,900,000
32,788,321
37,688,321
40,550,118
40,631,004△1,670,370
38,960,634
1,122,287
1,122,287
40,082,921
140,082,921
80,633,040

41

Statement of Income for 9 th FP◼ 9 th Fiscal Period (ended December 2021)(in thousands of yen)
Operating revenues
Rental revenues

13,587,363

Total operating revenue

3,587,363

Operating expenses
Rental expenses of renewable energy projects

12,033,809

Asset management fee

111,737

Administrative service fees

27,850

Director’s compensation

2,400

Tax and dues

163

Other operating expenses

66,741

Total operating expenses

2,242,703

Operating profit

1,344,659

Non-operating income
Interest income

26

Insurance proceeds

8,194Interest on refund

327

Other non-operating income
Total non-operating income

411
8,960

Non-operating expenses
Interest expenses

160,345

Interest expenses on investment corporation bond

19,262

Amortization of investment corporation bondissuance expenses

2,779

Borrowing-related expenses

37,766

Investment unit issuance expenses-

Loss on retirement of fixed assets
Total non-operating expenses

10,309230,463

Ordinary income

1,123,156

Income before income taxes

1,123,156

Income taxes

948

Income tax adjustments△3

Total income taxes

944

Net income
Profits brought forward
Unappropriated retained earnings(accumulated deficit)

1,122,211
75
1,122,287

42

Portfolio Assets (1)S-01 CS Shibushi-shi
Power Plant 1.2MW

S-02 CS Isa-shi
Power Plant 0.9MW

S-03 CS Kasama-shi
Power Plant 2.1MW

S-04 CS Isa-shi Dai-niPower Plant 2.0MW

S-05 CS Yusui-cho
Power Plant 1.7MW

S-06 CS Isa-shi Dai-sanPower Plant 2.2MW

S-07 CS Kasama-shi Dai-niPower Plant 2.1MW

S-08 CS Hiji-machi
Power Plant 2.6MW

S-09 CS Ashikita-machi
Power Plant 2.3MW

S-10 CS Minami Shimabara-shi
Power Plant(East & West) 3.9MW

S-11 CS Minano-machi
Power Plant 2.4MW

S-12 CS Kannami-cho
Power Plant 1.3MW

S-13 CS Mashiki-machi
Power Plant 47.7MW

S-14 CS Koriyama-shi
Power Plant 0.6MW

S-15 CS Tsuyama-shi
Power Plant 2.0MW

43

Portfolio Assets (2)S-19 CS Misato-machi
Power Plant 1.1MW

S-16 CS Ena-shi
Power Plant 2.1MW

S-17 CS Daisen-choPower Plant (A&B) 27.3MW

S-18 CS Takayama-shi
Power Plant 1.0MW

S-21 CS Izu-shi
Power Plant 10.7MW

S-22 CS Ishikari
Shinshinotsu-muraPower Plant 2.3MW

S-23 CS Osaki-shi Kejonuma S-24 CS Hiji-machi Dai-ni
S-25 CS Ogawara-machi
Power Plant 0.9MW
Power Plant 53.4MW
Power Plant 7.5MW

S-20 CS Marumori-machi
Power Plant 2.2MW

44

Leasing Structure based on Basic and Valuable rent
◼ Calculation method of basic rent and variable rent in anticipated projects to be acquired
Basic rentMonthly projected energy output (P50) ×(100－Y)% × 70% × FIT purchase price

Variable rent(Monthly actual energy output × (100－Y)% × FIT purchase price) － Basic rent

⚫ Even if actual energy output is lower than projected energy output (P50), the operator will be able to receive basic rent from lessee⚫ If actual energy output exceeds 70% of projected energy output (P50), possible to obtain variable rent

◼ Diagram of rent structure
Projected revenue from sales of electricity(before deducting lessee’s operating costs
and operator compensation)
×Y％

Projected energy output (P50)
×FIT purchase price

Rental income of Canadian Solar
Infrastructure Fund, Inc.

Projected energy output (P50)
×FIT purchase price×(100-Y)%

Variable rent

Projected energy output (P50)
×FIT purchase price × X%
×Y％Projected energy output (P50)
×FIT purchase price × X%
×(100-Y)%

Basic rent

Projected energy
output (P50)×X%

Projected energy
output (P50)

Note-1: Projected energy output (P50) is monthly predicted solar
energy output in lease term as described in technical reportNote-2: Y is percentage based on lessee’s operation cost and operator
compensation
Note-3: Negative variable rent is regarded as zero

Actual energy output

45

Stable and Balanced Cash Flow Distribution Policy
Supported by FIT System◼ Cash distributions to CSIF’s unitholders for each fiscal period are calculated by multiplying theresidual free cash flow (“NCF”), which refers to free cash flow (“FCF”) minus debt interest
payments, by a fixed ratio, which is determined by CSIF for each fiscal period.

◼ Image of distribution in excess of earnings
Expenses ofleasingbusiness

Expenses ofleasingbusiness
Capitalexpenditure

Debt interest
Total rental
revenues

Debt interest
FCF made by
renewable energy facilities

Use forreinvestment

Debt
repayment
Retainedearnings

Residual FCF(NCF)

Revenue

Expenses

Residual FCF
×a fixed ratio

Cashdistribution

Distribution

Up to 60%of depreciation

Depreciation

Distribution inexcess of
earnings
Distribution
from profit

Net income

Breakdown

P/L

Note: The chart above is presented solely to facilitate a general understanding of the mechanism for cash distributions, and does not represent the ratio of our rental revenues or cash distributions inexcess of retained earnings. CSIF may decide not to make any amount of cash distributions in excess of retained earnings for a particular fiscal period, based on a consideration of factors such as
economic or renewable energy market conditions or financial conditions, among other factors, after taking into account of our financial situation and alternative uses of cash, such as the execution of
repair plans and capital expenditures, the repayment of borrowings and project acquisition opportunities. We may, in place of making cash distributions in excess of retained earnings, decide toacquire our own units.

46

Characteristics of PV Plant Revenue◼ Forecastability of earning stability on a long-term basis⚫ FIT price and FIT period of our PV plants are binding in accordance with the Feed-in-Tariff system. Moreover, giventhat our assets-under-management are set up so that we can capture basic rent from the lessee, we assume that any
decline in rent income won’t exceed a certain limit.
⚫ Given that expenses on depreciable assets are largely fixed, earnings forecasts can be realistically projected for the
long-term.

◼ Dynamics of PV plant revenue during FIT period

AmountOperatingrevenues

Operating revenues generally decrease gradually over the
medium to long term due to expected degradation of PV
modules.

Operatingexpenses

Depreciable asset tax, a large expense component,
decreases due to a straight-line-based depreciation, so
operating expenses generally decrease gradually over the
medium to long term, under the assumption that expenses
other than taxes on depreciable assets be largely fixed(including assumed regular maintenance costs).

Operating revenues
Operating expenses

Net income
Non-operating expenses

Amortization payments of loan principal and interest rates
that are partially fixed generally cause non-operating
Non-operating expenses to decrease gradually over the medium to longexpensesterm given typical amortization schedules, as thesepayments are the primary component of nonoperating
expenses.

Time
Note: The chart above is presented solely to facilitate a general understanding of the theory management considers in approaching the business of solar energy projects during the FIT period term. The chart assumes thecontinuous operations of solar energy projects during the FIT period term under normalized conditions, with no extraordinary events, including additional acquisitions or dispositions of projects, or expenses or changes in theoperating or regulatory environment. Actual results may vary significantly depending on the particular features and circumstances of infrastructure funds, as well as unexpected events or changes or the realization of various
risks. You should not rely on this model to predict the outcome of our operating revenues, operating expenses, non-operating expenses or net income.

47

History of CSIF
Date

Event

April 21, 2017

Notification on incorporation of the Investment Corporation by the organizer (Canadian Solar Asset Management K.K.) in
accordance with Article 69, Paragraph 1 of the Investment Trust Law

May 18, 2017

Registration of incorporation of the Investment Corporation in accordance with Article 166 of the Investment Trust Law,
Company Incorporation

May 25, 2017

Application for registration of the Investment Corporation in accordance with Article 188 of the Investment Trust Law

June 9, 2017

Prime Minister's approval of registration of the Investment Corporation in accordance with Article 187 of the Investment
Trust Law (Kanto Regional Finance Bureau Director-General Registration No. 127)

October 30, 2017

Listing on Tokyo Stock Exchange (Securities Code:9284)
Acquisition of 13 power plants (AUM: 13 power plants, total acquisition price JPY30.4Bn and total panel output 72.7MW)

February 1, 2018

Acquisition of 2 power plants (AUM: 15 power plants, total acquisition price JPY31.4Bn and total panel output 75.2MW)

September 6, 2018

Follow-on Offering
Acquisition of 3 power plants (AUM: 18 power plants, total acquisition price JPY42.9Bn and total panel output 105.6MW)

March 1, 2019

Acquisition of 1 power plants (AUM: 19 power plants, total acquisition price JPY43.3Bn and total panel output 106.7MW)

March 29, 2019

Acquisition of 1 power plants (AUM: 20 power plants, total acquisition price JPY44.2Bn and total panel output 108.9MW)

November 29, 2019

Acquisition of 1 power plants (AUM: 21 power plants, total acquisition price JPY48.8Bn and total panel output 119.7MW)

September 28, 2020

Acquisition of 2 power plants (AUM: 23 power plants, total acquisition price JPY49.7Bn and total panel output 123.0MW)

March 8, 2021

Follow-on Offering
Acquisition of 2 power plants (AUM: 25 power plants, total acquisition price JPY80.0Bn and total panel output 183.9MW)

48

Disclaimer• This document has been prepared to provide information, and is not for soliciting and inviting investments in orrecommending transaction of certain products. We request investors to make investments with their own
responsibility and judgment.
• This document does not constitute a disclosure document or a management report based on the Financial
Instruments and Exchange Act, the Act on Investment Trusts and Investment Corporations or the listing regulationsof the Tokyo Stock Exchange.
• In addition to information on Canadian Solar Infrastructure Fund, Inc. (the "Investment Corporation"), this document
includes figures, tables and data prepared by Canadian Solar Asset Management K.K. (the "Asset Manager") based ondata/index and other information released by third parties. Analysis, judgment and other views of the Asset Manager
on such information at the time of preparation are also included in this document.
• The information contained in this document is not audited and there is no assurance of the accuracy and certainty ofsuch information. Analysis, judgment and other non-factual views of the Asset Manager represent views of the AssetManager at this point in time. Different views may exist or the Asset Manager may change its views in the future.
• Figures under the same items of other disclosed materials may differ from figures presented in this document due todifference in the rounding of fractions, etc.
• While the Investment Corporation takes reasonable care in the preparation of this document, there may be errors.
Readers are also cautioned that the contents of this document may be corrected or changed without prior notice.
• The Investment Corporation and the Asset Manager assume no responsibility for the accuracy of data, indexes andother information released by third parties.
• This document includes statements regarding future policies, etc. of the Investment Corporation. However, thesestatements do not guarantee said future policies, etc.
• For the convenience of preparing graphs, the dates indicated herein may differ from actual business dates.

49